GM Chief Financial Officer Ray Young – who told reporters that the auto maker had no plans to meet the June 1 interest payment – may have done investors a favor by reminding everyone of the harsh reality ahead.

“People should be getting the sleep out of their eyes and seeing it’s over,” said Marilyn Cohen, president of retail bond investment manager Envision Capital. “I would imagine they’re going to file any minute…Not making a payment – it’s going to show them that this time, they mean it.”